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The Paycheck Protection Program Flexibility Act of 2020 amended the Paycheck Protection Program. [112] Loan forgiveness was expanded from eight weeks of eligible costs to the 24 weeks or December 31, 2020, whichever is earlier; alternatively, a business whose PPP loan was made before June 5 may opt to use the eight-week period instead. [ 88 ]
Provisions of the Paycheck Protection Program and Health Care Enhancement Act include the following. Appropriates an additional $320 billion of funding for the Paycheck Protection Program, which provides low-interest loans for payroll costs and other expenses to small businesses that are forgivable under certain circumstances. [19]
The IRS recently issued three revenue procedures providing guidance with respect to the timing of tax-exempt income from PPP loan forgiveness.
An employer is not allowed to take the Employee Retention Credit on any wages or health plan expenses that the employer counted for its Paycheck Protection Program (PPP) loan forgiveness, Emergency Paid Sick Leave, or Emergency Paid Family Leave. [6] [8]
The Paycheck Protection Program (PPP), was designed to help businesses maintain their employee headcount. The funds were distributed as loans, however, they could be forgiven under certain conditions.
The 22nd District Agricultural Association, which operates the Del Mar Fairgrounds, has reached a settlement of $5,664,015 over allegations that it improperly secured a Paycheck Protection Program ...
Paycheck Protection Program Flexibility Act of 2020: To amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes.
This program began with the first coronavirus stimulus package, passed in March 2020. This round of the PPP provides funding for up to $284 billion in loans. Second Stimulus Bill: Paycheck ...